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Maldives' financial status post $50M loan extension
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India•Maldives•Indian•Government Treasury Bills•State Bank of India•Moosa Zameer•International Monetary Fund•China
Resolution / Starting Odds
Improved financial health • 33%
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Reports from International Monetary Fund or Maldives Ministry of Finance
Story
India Extends $50M Interest-Free Loan to Maldives for One Year, Trains Pilots
May 13, 2024, 09:30 AM
India has agreed to extend the debt repayment deadline for the Maldives by one year, involving a $50 million loan. This extension is part of a broader agreement that includes replacing Indian military personnel with civilians and training local pilots in the Maldives. The loan, facilitated through Government Treasury Bills, is interest-free and was arranged under a government-to-government scheme by the State Bank of India at zero-cost to the Maldives. Maldives Foreign Minister Moosa Zameer expressed gratitude towards India for this support, highlighting it as a gesture of goodwill amid the countries' longstanding relationship. This financial aid comes at a crucial time as the International Monetary Fund has warned the Maldives about potential debt distress due to increasing borrowings, primarily from China.
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